Eaton Vance Municipal Income 2028 Term Trust (the Fund) is a diversified, closed-end management investment company. The Fund’s investment objective is to provide current income exempt from regular federal income tax. The Fund seeks to achieve its investment objective by investing primarily in municipal obligations, a portion of which may be investment-grade and a portion of which may be below investment-grade at the time of investment. The Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in debt obligations issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their political subdivisions, agencies, the interest on which is exempt from regular federal income tax. It invests at least 50% of its total managed assets in municipal obligations that, at the time of investment, are investment grade quality. Eaton Vance Management is the investment adviser of the Fund.
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